March 10, 2009

Savings Glut: Over $3 Trillion in Chinese Bank Deposits

According to this chart included with the NPC's 2008 statistical communique, total savings deposits in Chinese banks jumped dramatically last year - over 26% - to nearly 22 trillion Yuan or $3,184,800,000,000 (US Dollars) according to today's exchange rate. The propensity to save among Chinese is legendary. Given that the Panic of '08 didn't impact China severely until the 4th Quarter of 2008, savings will only grow further this year. When will spending return and where will it go...

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